Tuya upgraded at Morgan Stanley after second consecutive ‘solid’ quarter

Morgan Stanley analyst Yang Liu upgraded Tuya to Overweight from Equal Weight with a price target of $2.70, up from $1.80, telling investors that Q3 marks the second consecutive quarter of solid revenue beats.” The firm, which sees “enough evidence to turn positive from skeptical,” adds that the outlook is “skewed to the upside” as it believes that an inflection point is finally coming after two years of demand downcycle and channel destocking.